Half-year Report

RNS Number : 6909Q
Sound Energy PLC
14 September 2017
 

 

14 September 2017

 

SOUND ENERGY PLC

("Sound Energy" or the "Company")

 

HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2017

 

Sound Energy, the African and European focused upstream gas company, announces its unaudited half year report for the six months ended 30 June 2017.

 

Half- year highlights

 

Morocco

 

̶  Farm out of Anoual to Schlumberger for US$27.5 million carried exploration programme
̶  TE-8 well opening Palaeozoic play
̶  Ongoing 2D Seismic acquisition and aerial gradiometry

 

Corporate

 

̶  Cash balance as at 30 June 2017of US$50.1 million
̶  Strong safety record following the safe drilling of 3 complex wells

 

 

For further information please contact:

Vigo Communications - PR Advisor

Patrick d'Ancona

Chris McMahon

Alexandra Roper

 

Tel: +44 (0)20 7830 9700

Sound Energy

James Parsons, Chief Executive Officer

JJ Traynor, Chief Financial Officer      

 


j.parsons@soundenergyplc.com

      jj.traynor@soundenergyplc.com

Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

Ben Jeynes 

 

Tel: +44 (0)20 7131 4000

RBC - Broker

Matthew Coakes

Martin Copeland

Laura White

Tel: +44 (0)20 7653 4000

 

 

Statement from the Chairman and Chief Executive Officer


"Having long shifted the axis of our activities to play-opening work in Eastern Morocco, Sound continues to rapidly build a Moroccan exploration-focused onshore gas business hinged on strong European gas fundamentals, a strategic partnership with Schlumberger and our multi Tcf opportunity set."

Our journey so far, including the first half of 2017, has been a busy and exciting one, encompassing all the usual highs and lows of the exploration business. Crucially, and behind the scenes, we continue to grow our core Net Asset Value in Morocco and remain hugely excited about the company's prospects over the next year or two.

Following the disappointing result at Badile the board is currently reviewing the Company's Italian portfolio. It is important to put this into context; having long shifted the axis of our activities to play-opening work in Eastern Morocco, Sound continues to rapidly build a Moroccan exploration-focused onshore gas business hinged on strong European gas fundamentals, a strategic partnership with Schlumberger and our multi Tcf opportunity set. We are clear in our goals strategically, strong financially, and on the path to firming up the very significant upside on our acreage.

So far in 2017 we have drilled three complex wells safely, re-entered Sidi Moktar with gas flared to surface to fulfil the licence commitment, secured a further US$27.5 million farm out of select Eastern Morocco licences to Schlumberger, established the deeper Paleozoic play in Eastern Morocco and, finally, secured the acquisition of Oil and Gas Investment Fund's ("OGIF")  interests in Morocco.

As we look forward, the further exploration and development of our Eastern Morocco portfolio (Tendrara, Anoual and Matarka) remains the Company's absolute priority. Here the exploration potential is being de-risked by a combination of aerial gradiometry, reprocessed seismic and 2,644 Km of new 2D seismic which are all underway and fully carried by Schlumberger. It is anticipated that the Company should be ready for further hi-impact exploration drilling shortly underpinned by the recently completed OGIF transaction. Meanwhile the field development planning for the already proven volumes continues apace, most recently with the receipt of an indicative offer from AFG to fund the main pipeline. Final Investment Decision is now expected early 2018. These will be important catalysts as we continue to move the company forward and build value.

We continue steadfast in our belief that the Eastern Morocco TAGI and Paleozoic is a completely new play for our industry and one which will over the next year or two prove both the making of our company and the making of the Moroccan Oil and Gas sector.

 

James Parsons
Chief Executive Officer

Stephen Whyte
Non-Executive Chairman

 

 

CONDENSED INTERIM CONSOLIDATED INCOME STATEMENT

 

Notes

Six months ended

30 June
2017

Unaudited £'000s

Six months ended

 30 June 
2016

Unaudited  £'000s

Year

ended

 31 Dec

2016

Audited £'000s

Revenue

 

378

529

833

Other income

 

-

715

715

Operating costs

 

(169)

(801)

(1,110)

Impairment of producing assets

 

-

-

(5,455)

Impairment of goodwill

 

-

-

(1,704)

Exploration costs

4

(15,124)

(28)

(2,334)

Gross profit/(loss)

 

(14,915)

415

(9,055)

Administrative expenses

 

(5,161)

(2,346)

(6,241)

Group operating loss from continuing operations

 

(20,076)

(1,931)

(15,296)

Finance revenue

5

37

2,717

1,364

Foreign exchange gain

 

759

807

 1,935

Other gains and (losses)

 

 

 

 

- derivative financial instruments

 

182

-

583

External interest costs

 

(116)

(1,183)

(3,769)

Profit/(loss) for period before taxation

 

(19,214)

410

(15,183)

Tax credit/(expense)

 

-

-

1,744

Profit/(loss) for period after taxation

 

(19,214)

410

(13,439)

Other comprehensive (loss)/income

 

 

 

 

Foreign currency translation income/(loss)

 

(167)

631

375

Total comprehensive profit/(loss) for the period

 

(19,381)

1,041

(13,064)

Profit/(loss) for the period attributable to:

 

 

 

 

Equity holders of the parent

 

(19,381)

1,041

(13,064)

Basic and diluted profit/(loss) per share for the period attributable to the equity holders of the parent (pence)

3

(2.73)

0.08

(2.52)


CONDENSED INTERIM CONSOLIDATED BALANCE SHEET
As at 30 June 2017

 

Notes

30 June
2017

Unaudited

£'000s

 30 June 
2016

Unaudited

£'000s

 31 Dec

2016

Audited

 £'000s

Non-current assets

 

 

 

 

Property, plant and equipment

 

1,811

6,952

1,729

Intangible assets

4

31,828

14,204

28,060

Land and buildings

 

1,581

1,493

1,535

 

 

35,220

22,649

31,324

Current assets

 

 

 

 

Inventories

 

705

327

331

Other receivables

 

6,087

14,147

8,777

Derivative financial instruments

 

2,135

-

2,545

Prepayments

 

201

116

320

Cash and short term deposits

 

38,532

14,466

46,809

 

 

47,660

29,056

58,782

Total assets

 

82,880

51,705

90,106

Current liabilities

 

 

 

 

Trade and other payables

 

10,649

10,028

12,604

Loans repayable in under one year

5

-

7,704

986

Provisions

4

1,406

-

-

 

 

12,055

17,732

13,590

Non-current liabilities

 

 

 

 

Deferred tax liabilities

 

433

2,160

433

Loans due in over one year

5

17,632

9,152

16,455

Provisions

 

1,876

1,780

2,049

 

 

19,941

13,092

18,937

Total liabilities

 

31,996

30,824

32,527

Net assets

 

50,884

20,881

57,579

Capital and reserves

 

 

 

 

Share capital and share premium

 

147,371

86,868

135,667

Shares to be issued

 

-

-

223

Warrant reserve

 

4,090

3,209

4,459

Foreign currency reserve

 

1,276

1,699

1,443

Accumulated deficit

 

(101,853)

(70,895)

(84,213)

Total equity

 

50,884

20,881

57,579

The financial statements were approved by the Board and authorised for issue on 13 September 2017 and were signed on its behalf by:

J Parsons
Director

S Whyte
Director

 

 

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

Share

capital

£'000s

Share

premium

£'000s

Shares

 to be
 issued

 £'000s

Accumulated

deficit

£'000s

Warrant

reserve

£'000s

Foreign currency

reserves

£'000s

Total

equity

£'000s

At 1 January 2017

6,651

129,016

223

(84,213)

4,459

1,443

57,579

Total loss for the period

-

-

-

(19,214)

-

-

(19,214)

Other comprehensive income

-

-

-

-

-

(167)

(167)

Total comprehensive income for the period

-

-

-

(19,214)

-

(167)

(19,381)

Reclassification on debt settlement

-

-

-

369

(369)

-

-

Reclassification on share issue

18

205

(223)

-

-

-

-

Issue of share capital

646

10,835

-

-

-

-

11,481

Share based payments

-

-

-

1,205

-

-

1,205

At 30 June 2017 (unaudited)

7,315

140,056

-

(101,853)

4,090

1,276

50,884

 

 

Share

capital

£'000s

Share

premium

£'000s

Shares

 to be issued

 £'000s

Accumulated

deficit

 £'000s

Warrant

reserve

£'000s

Foreign currency

reserves

£'000s

Total

equity

£'000s

At 1 January 2016

5,039

81,276

-

(71,593)

369

1,068

16,159

Total loss for the period

-

-

-

(13,439)

-

-

(13,439)

Other comprehensive income

-

-

-

-

-

375

375

Total comprehensive income/(loss)

-

-

-

(13,439)

-

375

(13,064)

Issue of share capital

1,612

50,425

-

-

-

-

52,037

Share issue costs

-

(2,685)

-

-

-

-

(2,685)

Shares to be issued

-

-

223

-

-

-

223

Fair value of warrants issued with bonds

-

-

-

-

4,090

-

4,090

Share based payments

-

-

-

819

-

-

819

At 31 December 2016

6,651

129,016

223

(84,213)

4,459

1,443

57,579

 

 

Share

capital

£'000s

Share

premium

£'000s

Accumulated

deficit

£'000s

Warrant

reserve

£'000s

Foreign currency

reserves

£'000s

Total

equity

£'000s

At 1 January 2016

5,039

81,276

(71,593)

369

1,068

16,159

Total profit for the period

-

-

410

-

-

410

Other comprehensive income

-

-

-

-

631

631

Total comprehensive income for the period

-

-

410

-

631

1,041

Fair value of warrants issued with bonds

-

-

-

2,840

-

2,840

Issue of share capital

53

500

-

-

-

553

Share based payments

-

-

288

-

-

288

At 30 June 2016 (unaudited)

5,092

81,776

(70,895)

3,209

1,699

20,881

 

CONDENSED INTERIM CONSOLIDATED CASH FLOW STATEMENT

 

Six months

ended

30 June
2017 Unaudited £'000s

Six months

ended

30 June

2016
Unaudited
£'000s

Year

ended

31 Dec

2016

Audited
£'000s

Cash flow from operating activities

 

 

 

Cash flow from operations

(3,308)

(704)

(2,826)

Interest received

37

51

96

Net cash flow from operating activities

(3,271)

(653)

(2,730)

Cash flow from investing activities

 

 

 

Capital expenditure and disposals

(370)

(470)

(945)

Exploration and development expenditure

(14,345)

(3,173)

(10,882)

Net cash flow from investing activities

(14,715)

(3,643)

(11,827)

CSTI funding contract

-

(13)

(14)

Net proceeds from debt

-

5,292

10,248

Repayment of borrowings

-

(2,724)

(5,435)

Net proceeds from equity issue

9,813

553

40,247

Interest payments

(645)

(461)

(1,108)

Net cash flow from financing activities

9,168

2,647

43,938

Net (decrease)/increase in cash and cash equivalents

(8,818)

(1,649)

29,381

Net foreign exchange difference

541

875

2,188

Cash and cash equivalents at the beginning of the period

46,809

15,240

15,240

Cash and cash equivalents at the end of the period

38,532

14,466

46,809

 

 

 

Six months

ended

30 June

 2017 Unaudited £'000s

Six months

 ended

30 June

2016
Unaudited £'000s

Year

ended

 31 Dec

 2016

Audited

£'000s

Cash flow from operations reconciliation

 

 

 

Profit/(loss) before tax

(19,214)

410

(15,183)

 Finance revenue

(37)

(2,717)

(1,364)

 Impairment of goodwill

-

-

1,704


Exploration expenditure written off and impairment of assets

15,124

-

7,789


(Decrease)/increase in accruals and short term payables

(2,327)

7,104

9,035

 Depreciation

331

181

272

 Share based payments charge

1,205

288

819

 Increase in drilling inventories

(374)

(327)

(331)

 Gain on derivative financial instruments

(182)

-

(583)

 Finance costs and exchange differences

(643)

376

1,508

 Decrease/(Increase) in short term receivables

2,809

(6,019)

(6,492)

Cash flow from operations

(3,308)

(704)

(2,826)

The primary non-cash transactions during the period related to the exercise of 9.6 million of 10.4p warrants in settlement of £1.0 million debt and issue of 830,565 shares as part settlement of the drilling services at the Badile licence, onshore Italy.

 

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of preparation

The condensed interim consolidated financial statements do not represent statutory accounts within the meaning of section 435 of the Companies Act 2016. The financial information for the year ended 31 December 2016 is based on the statutory accounts for the year ended 31 December 2016. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The condensed interim financial information is unaudited and has been prepared on the basis of the accounting policies set out in the Group's 2016 statutory accounts and in accordance with IAS 34 Interim Financial Reporting.

The seasonality or cyclicality of operations does not impact on the interim financial statements.

2. Segment information

The Group categorises its operations into three business segments based on Corporate, exploration and appraisal and development and production. The Group's exploration and appraisal activities are carried out in Morocco and Italy. The Group's reportable segments are based on internal reports about the components of the Group which are regularly reviewed by the Board of Directors, being the Chief Operating Decision Maker (''COMD''), for strategic decision making and resources allocation to the segment and to assess its performance. Sales during the period arose from producing licences in Italy. The segment results for the period ended 30 June 2017 are as follows:

Segment results for the period ended 30 June 2017

 

Corporate £'000s

Development & Production £'000s

Exploration

& Appraisal £'000s

Total

 £'000s

Sales and other operating revenues

-

378

-

378

Operating costs

-

(169)

-

(169)

Exploration costs

-

-

(15,124)

(15,124)

Administration expenses

(5,161)

-

-

(5,161)

Operating loss segment result

(5,161)

209

(15,124)

(20,076)

Finance revenue

37

-

-

37

Gain on derivative financial instruments

182

-

-

182

Finance costs and exchange gains

643

-

-

643

Profit/(loss) for the period before taxation

(4,299)

209

(15,124)

(19,214)

 

The segments assets and liabilities at 30 June 2017 are as follows:

 

Corporate £'000s

Development & Production £'000s

Exploration

& Appraisal £'000s

Total

£'000s

Capital expenditure

609

1,202

33,409

35,220

Other assets

41,343

30

6,287

47,660

Total liabilities

(18,980)

(1,780)

(11,236)

(31,996)

The geographical split of non-current assets is as follows:

 

UK

£'000s

Italy

£'000s

Morocco

£'000s

Development and production assets

-

1,202

-

Land and buildings

-

1,581

-

Fixtures, fittings and office equipment

192

185

232

Goodwill

-

433

-

Exploration and evaluation assets

-

4,539

26,622

Software

88

5

141

Total

280

7,945

26,995


Segment results for the period ended 30 June 2016

 

Corporate £'000s

Development

& Production £'000s

Exploration

& Appraisal

£'000s

Total

 £'000s

Sales and other operating revenues

-

529

-

529

Other income

715

-

-

715

Operating costs

-

(801)

-

(801)

Exploration costs

-

-

(28)

(28)

Administration expenses

(2,346)

-

-

(2,346)

Operating loss segment result

(1,631)

(272)

(28)

(1,931)

Finance revenue

2,717

-

-

2,717

Finance costs and exchange gains

(376)

-

-

(376)

Profit/(loss) for the period before taxation

710

(272)

(28)

410

The segments assets and liabilities at 30 June 2016 were as follows:

 

Corporate £'000s

Development & Production £'000s

Exploration

& Appraisal

£'000s

Total

£'000s

Capital expenditure

274

6,678

15,697

22,649

Other assets

22,802

62

6,192

29,056

Total liabilities

(11,546)

(1,938)

(17,340)

(30,824)

The geographical split of non-current assets is as follows:

 

UK

£'000s

Italy

£'000s

Morocco

£'000s

Development and production assets

-

6,678

-

Land and buildings

-

1,493

-

Fixtures, fittings and office equipment

38

170

66

Goodwill

-

2,160

-

Exploration and evaluation assets

-

7,809

4,122

Software

103

8

2

Total

141

18,318

4,190


Segment results for the year ended 31 December 2016

 

Corporate

£'000s

Development

& Production

£'000s

Exploration &

Appraisal

£'000s

Total

£'000s

Sales and other operating revenues

-

833

-

833

Other income

-

715

-

715

Operating costs

-

(1,110)

-

(1,110)

Exploration costs

-

-

(2,334)

(2,334)

Impairment of producing assets

-

(5,455)

-

(5,455)

Goodwill impairment

-

(524)

(1,180)

(1,704)

Administration expenses

(6,241)

-

-

(6,241)

Operating loss segment result

(6,241)

(5,541)

(3,514)

(15,296)

Interest receivable

1,364

-

-

1,364

Gain on derivative financial instruments

583

-

-

583

Finance costs and exchange gains

(1,834)

-

-

(1,834)

Loss for the period before taxation

(6,128)

(5,541)

(3,514)

(15,183)

The segments assets and liabilities at 31 December 2016 were as follows:

 

Corporate

£'000s

Development

& Production

£'000s

Exploration &

Appraisal

£'000s

Total

£'000s

Non-current assets

513

1,216

29,595

31,324

Current assets

52,526

22

6,234

58,782

Total liabilities

(3,161)

(2,049)

(27,317)

(32,527)

The geographical split of non-current assets is as follows:

 

UK

£'000s

Italy

£'000s

Morocco
£'000

Development and production assets

-

1,216

-

Land and buildings

-

1,535

-

Fixtures, fittings and office equipment

194

171

148

Goodwill

-

433

-

Exploration and evaluation assets

-

8,511

18,876

Software

89

6

145

Total

283

11,872

19,169


3. Profit/(loss) per share

The calculation of basic profit/(loss) per Ordinary Share is based on the profit/(loss) after tax and on the weighted average number of Ordinary Shares in issue during the period. The calculation of diluted profit/(loss) per share is based on the profit/(loss) after tax on the weighted average number of ordinary shares in issue plus weighted average number of shares that would be issued if dilutive options and warrants were converted into shares. Basic and diluted profit/(loss) per share is calculated as follows:

 

Profit/(loss) after tax from

continuing operations

Weighted average

shares in issue

Profit/(loss) per share (basic)

from continuing operations

 

June

2017

£'000s

June

2016

£'000s

December

2016

£'000s

June

2017

million

June

2016

million

December

2016

million

June

2017

pence

June

2016

pence

December

2016

pence

Basic

(19,214)

410

(13,439)

703

506

534

(2.73)

0.08

(2.52)

 


Profit/(loss) after tax from

continuing operations

Weighted average

shares in issue and dilutive

potential ordinary shares

Profit/(loss) per share

(diluted)

from continuing operations


June

2017

£'000s

June

2016

£'000s

December

2016

£'000s

June

2017

million

June

2016

million

December

2016

million

June

2017

pence

June

2016

pence

December

2016

pence

Diluted

(19,214)

410

(13,439)

703

538

534

(2.73)

0.08

(2.52)


4. Intangibles


Six months

ended

30 June

 2017

Unaudited  £'000s

Six months

ended

30 June

2016

Unaudited 

£'000s

Year

ended

 31 Dec

2016

 Audited

£'000s

Cost

 

 

 

At start of period

42,386

20,198

20,198

Additions

18,186

4,000

21,352

Exchange adjustments

(284)

657

836

At end of period

60,288

24,855

42,386

Impairment and Depreciation

 

 

 

At start of period

14,326

10,634

10,634

Charge for period

13,761

17

3,559

Exchange adjustments

373

-

133

At end of period

28,460

10,651

14,326

Net book amount

31,828

14,204

28,060

During the period there was an impairment charge of approximately £13.7 million in respect of the Badile licence, Italy, following sub-commercial well results and in addition, approximately £1.4 million for the well abandonment costs was provided for.


5. Loans and Borrowings


Six months

ended

30 June

 2017

Unaudited 

£'000s

Six months

ended

30 June

2016

Unaudited 

£'000s

Year

 ended

 31 Dec

2016

Audited

£'000s

Current liability

 

 

 

Other loans

-

7,704

 986

Non-current liability

 

 

 

5-year secured bonds

17,632

8,125

16,455

Other loans

-

1,027

-

 

17,632

9,152

16,455

On 21 June 2016, the Company announced that Greenberry S.A (''Greenberry'') had subscribed for 5-year non-amortising secured bonds with an aggregate value of the issue of €28.8 million (the ''bonds''). Alongside the bonds, the Company was to issue 70,312,500 warrants to subscribe for new ordinary shares in the Company at an exercise price of 30 pence per ordinary share and an exercise period of approximately five years, concurrent with the term of the bonds, to Greenberry ( the ''warrants''). The bonds are secured over the share capital of Sound Energy Holdings Italy Limited. The bonds have a 5% coupon and were issued at a 32% discount to par value. A total cash fee of €1.1 million was payable by the Company.

The warrants were recorded within equity at their fair value on the date of issuance and the proceeds of the notes net of issue costs were recorded as non-current liability. Part of the proceeds of the bonds was used to settle an existing Reserve Based Lending facility from Greenberry of €7.0 million at a discount of 50% reported within finance revenue. The Company also settled £7.0 million debt that had been issued to Continental Investment Partners in 2014. The coupon rate of 5% for the bonds ensures that the Company's on-going cash out-flow on interest payments is low and which conserves the Company's cash resources. The effective interest rate is approximately 16.3%. The 5-year secured bonds are due in June 2021.

During the period to 30 June 2017, the Company settled £1.0 million debt that had been issued to Simon Davies in 2014 and had an annual coupon of 10%. The debt was settled through the exercise of 9.6 million warrants at 10.4p per share.


30 June    

2017

£'000s

30 June

2016

£'000s

31 December 2016

£'000s

Liability component at 1 January

986

7,118

7,118

Interest and amortised issue costs

44

620

1,413

Interest paid

(30)

(306)

(545)

Debt paid

(1,000)

-

(7,000)

 

-

7,432

986


6. Shares in issue and share based payments

As at 30 June 2017, the Company had 731,514,432 ordinary shares in issue. In the period to 30 June 2016, a total of 54.2 million warrants were exercised for total proceeds of £9.8 million and 9.6 million warrants were exercised in settlement of a debt (note 5).

During the period to 30 June 2017, the Company granted 11.1 million share options to staff under its long term incentive plan. Approximately 3.8 million share options expired during the period.


7. Post Balance Sheet events

On 21 July 2017, the Company announced that it was progressing well with its acquisition of various licences in Eastern Morocco from OGIF (the "Acquisition") and is expecting completion of the Acquisition at the end of Q3 2017. On completion of the Acquisition OGIF will be issued with 272 million new ordinary shares in the Company which was approved by the Company's shareholders on 15 March 2017. The Company has entered into petroleum agreements with Morocco's Office National des Hydrocarbures des Mines ("ONHYM") for Anoual and Matarka licences, on shore Morocco. These agreements will come into force at the same time as completion of the Acquisition.  A bank guarantee of US$2.95 million had been lodged by the Company and its partners to cover a proportion of the work commitments under the licences.  

On 5 July 2017, the Company announced that the re-entry of the Koba-1 well at Sidi Moktar licence, onshore Morocco had been successfully complete and flared gas at surface. The Company expected to undertake a rigless extended well test.

On 1 August 2017, the Company announced that it had received written confirmation, from a local authority in Eastern Morocco, that preliminary approval had been provided for the proposed route of the gas export pipeline that will be necessary to transit gas from Sound Energy's Eastern Moroccan interests to the Gazoduc Maghreb Europe (GME) pipeline.

On 3 August 2017, the Company announced that it had received final approval for the Matarka Licence, which has been granted with an effective date of 27 July 2017.  The Company expected to receive the remaining approvals in relation to the Anoual and Tendrara licence areas by the end of Q3 2017.

On 4 September 2017, the Company announced that it had received an indicative non-binding commercial proposal (the "Indicative Proposal") from Advisory & Finance Group Investment Bank ("AFG").  AFG is a Moroccan based financial institution which acts as fund manager to OGIF, the Company's partner in Morocco.  The Indicative Proposal, subject to agreement of terms and contract, is for the provision of funding for the construction of the Tendrara Gas Export Pipeline ("TGEP") connecting Tendrara to the GME pipeline of between US$60 million and US$100 million.  The Company currently estimates the gross capital cost of the TGEP pipeline to be approximately US$60 million for a 12 inch pipeline and US$100 million for a 20 inch pipeline.

On 12 September 2017, the Company announced the completion of the acquisition of various licenses in Eastern Morocco from OGIF (the "Acquisition") outline above. As a result, the Company now holdsa net 47.5% position in the Tendara and Anoual petroleum agreements and Matarka reconnaissance exploration license, in exchange for 272 million new ordinary shares to OGIF.

 

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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